Bitcoin (BTC) has been stuck in a range for a long time now, with no clear movement either up or down. At this point, Bitcoin has been locked in a tight consolidation range between $100,000 and $110,000 since June 23. While the market is curiously following which direction BTC will move, analysts explained why Bitcoin has not been able to rise. Why Isn't Bitcoin Going Up? At this point, Bitfinex analysts said that investors were hesitant to buy due to the lack of momentum towards new highs, and therefore Bitcoin failed to experience the expected rise. Analysts said investors are cautious about buying BTC at current levels as BTC struggles to find the strength to break above its previous ATH of $111,900. “Bitcoin bulls are hesitant or unable to push prices significantly higher without new catalysts or clearer macro signals. This indicates a continuing lack of power.” Finally, analysts added that the market is currently experiencing profit-taking pressure that is easing as buying appetite wanes. Apart from Bitfinex analysts, FxPro analyst Alex Kuptsikevich also evaluated the latest situation in Bitcoin. Speaking to Coindesk, Kuptsikevich said Bitcoin is facing resistance around $110,000 as investors remain cautious. Stating that the buying momentum in Bitcoin has weakened and the selling pressure has increased, the analyst said that the price is having difficulty holding above $ 110,000, which is why BTC cannot reach new ATHs. Despite Bitcoin’s struggles to reach the new ATH, Kuptsikevich noted that the capital is still trading above the 200-day moving average, a sign that we are still in a bull market. However, the analyst warned that any negative market movements could trigger rapid profit-taking and the price could fall. *This is not investment advice. Continue Reading: Why Is Bitcoin (BTC) Stuck Between $100,000-$110,000? Why Can't It Rise? Bitfinex Reveals The Real Reason!
